The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
004
:
SPECIAL PURPOSE FINANCIAL INSURANCE COMPANIES
(Cite as: 8 V.S.A. § 6048e)
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§ 6048e. Changes in plan of operation; voluntary dissolution or cessation of business
(a) Any change in the special purpose financial insurance company’s plan of operation
shall require prior approval of the Commissioner.
(b) Any transaction or series of transactions shall be subject to the prior approval of
the Commissioner if such transaction or series of transactions:
(1) is undertaken to dissolve a special purpose financial insurance company; or
(2) results in the termination of all or any part of a special purpose financial insurance
company’s business; but no prior approval of the Commissioner shall be required for
any transaction or series of transactions described in this subdivision (2) if such
transaction or series of transactions is done in accordance with a document or agreement
described in the special purpose financial insurance company’s plan of operation and
if the Commissioner is notified in advance of such transaction or series of transactions.
(c) A special purpose financial insurance company shall notify the Commissioner in advance
of any change in the legal ownership of any security issued by the special purpose
financial insurance company. (Added 2007, No. 49, § 17; amended 2013, No. 29, § 56, eff. May 13, 2013.)